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Top qualities of successful entrepreneurs

Nope, this is not the final exhaustive list of all lists that will tell you how to be an entrepreneur. This is, however, a list of consistent habits that I have seen in almost all successful entrepreneurs.

One: An ability to understand what the accepted norms are for the society in which they are living. This seems to be a philosophical point to be put at number one, however in my experience this is the number one differentiating factor between a successful entrepreneur and an aspiring one. If you take a look around you, it is the people who know what is happening and then have been able to visualise beyond what the current setting is are the ones who have been able to go beyond!

Two: Cognitive strength to be able to connect their dreams with their skills. Too often, you will find people with dreams bigger than their skills. An example I often quote, is that I would love to make a flying car – and to be honest, it is not a bad business idea. I’m pretty sure that if I was able to actually build a flying car it would be great business. However, the fact remains, that I cannot build a flying car because I just do not have the skills. To be a successful entrepreneur, it is important that you are at least in the vicinity of the skills required to build your dream. Building and launching a start-up is in itself a process whose default result is failure. So you should at least have all the strong (controllable) points to your side.

Three: an understanding of what risk is and how much risk you can take in a given timeframe. The ability to accurately measure this parameter is insanely important. You take too low a risk, and you are in danger of being left behind. You take too much of a risk, and you can very easily burnout before achieving success.

Four: One of the most important attributes of an entrepreneur is the inability to manage people. Because, it is very likely that you will not be able to achieve anything substantial just working on your own. You need people, you need to understand their ambitions and you need to match their goals to your own (and your venture’s).

Five: Luck! While, many people want to believe that they achieved all they wanted on their own, the truth is that timing and luck had a lot to do with success. Of course, luck is something that you can’t control-yet it is quite important to know that it is an important factor in the life.  You need to be capable of handling the bad parts and ready to take advantage of the good parts.

Deepak
 

A bit of education, a byte of startups.

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